American Farm Bureau’s senior economist, Bob Young, see’s farm equipment buys taking a continued hit from lower crop prices, farmland values and legislative uncertainty in Washington.
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Young predicted this week that producers could be in for a long and difficult recovery from low crop prices, brought on by the crushing burden of grain reserves. But congress hasn’t helped either.
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However Young says that’s not actually ‘money in the bank.’ 53 key tax breaks expired last December, including section 179 expensing, bonus depreciation on new equipment and a raft of biofuels breaks. Young says renewal of the breaks will likely be retroactive to this year, but the damage has been already been done.